Pictet Asset Management Holding SA Buys 21,729 Shares of Fortis $FTS

Pictet Asset Management Holding SA grew its stake in shares of Fortis (NYSE:FTS) by 7.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 330,465 shares of the utilities provider’s stock after acquiring an additional 21,729 shares during the period. Pictet Asset Management Holding SA owned about 0.06% of Fortis worth $17,497,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada increased its position in Fortis by 4.6% during the 1st quarter. Royal Bank of Canada now owns 35,241,451 shares of the utilities provider’s stock worth $1,966,121,000 after purchasing an additional 1,557,443 shares in the last quarter. TD Waterhouse Canada Inc. boosted its holdings in Fortis by 0.7% in the third quarter. TD Waterhouse Canada Inc. now owns 9,504,530 shares of the utilities provider’s stock valued at $502,562,000 after acquiring an additional 68,504 shares during the last quarter. Cibc World Market Inc. acquired a new position in shares of Fortis in the 2nd quarter valued at about $442,633,000. Legal & General Group Plc purchased a new stake in Fortis during the second quarter worth approximately $334,727,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Fortis in the 2nd quarter valued at $311,146,000. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

Fortis Price Performance

NYSE FTS opened at $59.17 on Friday. The stock has a market capitalization of $30.52 billion, a PE ratio of 23.29 and a beta of 0.42. Fortis has a 12-month low of $49.99 and a 12-month high of $61.71. The company has a 50 day moving average price of $55.61 and a two-hundred day moving average price of $56.21. The company has a quick ratio of 0.61, a current ratio of 0.69 and a debt-to-equity ratio of 1.28.

Fortis (NYSE:FTS) last announced its quarterly earnings results on Tuesday, November 3rd. The utilities provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.63 by $0.03. The company had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.27 billion. Fortis had a return on equity of 7.37% and a net margin of 14.66%. As a group, equities analysts predict that Fortis will post 2.58 earnings per share for the current fiscal year.

Fortis Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be issued a dividend of C$0.67 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, November 17th. This is a positive change from Fortis’s previous quarterly dividend of C$0.64. Fortis’s payout ratio is 71.65%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on FTS shares. Royal Bank Of Canada boosted their price target on Fortis from $80.00 to $89.00 and gave the stock a “sector perform” rating in a research note on Monday, August 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a research report on Thursday, October 15th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Fortis in a research report on Wednesday, October 28th. TD Securities reissued a “buy” rating on shares of Fortis in a research note on Tuesday, August 4th. Finally, Scotiabank reiterated a “sector perform” rating on shares of Fortis in a report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $66.67.

Fortis Profile

Fortis Inc. is a Canadian utility company that owns and operates regulated electric and natural gas businesses. Its activities include electricity generation, transmission and distribution, as well as natural gas distribution and energy infrastructure services. The company serves customers across Canada, the United States and the Caribbean through a group of regional utilities. Its operations include electric utilities and natural gas businesses serving communities in provinces such as British Columbia and Newfoundland and Labrador, as well as U.S. states including Arizona and New York.